10617-10625 Oxnard Street

10617-10625 Oxnard Street

North Hollywood, CA 91606

$4,130,000
Last Sold Price
24
Beds
12
Baths
10,577 Sq. Ft.
$390 / Sq. Ft.
10,577
Sq. Ft.
$390
per Sq. Ft.

Sold 7/26/22

Sold 7/26/22

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Description

We are pleased to present this 12 unit offering located at 10617-10625 Oxnard St, North Hollywood, which is being offered for sale for the first time in nearly 40 years. Comprised of two identical 6 unit buildings on two separate APNs, the offering is ideally situated on a corner lot with an alley behind, giving access to this 0.45 acre double lot on three different streets. The property is located less than a mile from the famed NoHo Arts District, and it is just one block West of the Burbank city...We are pleased to present this 12 unit offering located at 10617-10625 Oxnard St, North Hollywood, which is being offered for sale for the first time in nearly 40 years. Comprised of two identical 6 unit buildings on two separate APNs, the offering is ideally situated on a corner lot with an alley behind, giving access to this 0.45 acre double lot on three different streets. The property is located less than a mile from the famed NoHo Arts District, and it is just one block West of the Burbank city border at N Clybourn Avenue, allowing for quick access to great employment as well as entertainment, nightlife, shopping, and all NoHo Arts district and Burbank have to offer. These buildings are a combined 10,577 square feet, and all 12 units have 2 bedrooms and 1 bathroom which are approximately 880 square feet each. Each second level unit comes with a private balcony, and the ground floor units comes with a large 400sf private patio, making the ground floor just as desirable as the second level, if not more. Over the decades of ownership, the seller has meticulously maintained the property and consistently upgraded the buildings and units as they needed. Notably, the seller replaced all of the roofs and main sewer lines about 8 years ago and has upgraded the electrical systems on most of the units. These very desirable units demand great premiums in rent. For example, the seller just leased one of the 2 bed units in April 2022 for $2,250 which he regrets because he had a dozen other applicants come in that were willing to pay more. According to the seller, he left at least $100 of rent on the table for this unit, which also means a buyer can expect all of the other 2 bed units to rent for at least $2,350 when they become vacant, renovated, and re-leased. The property brings in a significant amount of additional income through garage rent and laundry income. There are 11 one-car garages on the property, and every one of them is leased out for $150 per month, which brings in a combined $1,650 per month, or $19,800 per year, of additional income. An important note about the garage leases is that they are not rent controlled. Therefore, you could raise those rents or evict those garage tenants as you wish. The onsite laundry room offers the tenants 5 washers and 2 dryers, all of which are owned by the seller, adding approximately $2,100 in annual income. Another bonus about this offering is that there are zero COVID rent delinquencies. All of the tenants have been paying rent through COVID, and there is not a single tenant behind on rent. Furthermore, there is no requirement for soft story retrofitting, which will save the buyer a large expense. This property is ideal for the value add buyer who wants to capitalize on more than 20% upside potential by getting rents to market over the coming years, while still being able to receive an estimated day-1 cash-on-cash return of more than 5%. Additionally, this property is ideal for adding units through the new ADU laws. We believe the cheapest and quickest ways to add units would be converting the laundry room and some of garages into ADUs. A buyer would be wise to get an ADU company to analyze this property in detail because we believe there could be hundreds of thousands of dollars in value in ADU conversions at this property.
  1. Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01240999 • Marcus & Millichap
  2. Listed by Benjamin Lewin • DRE #02040686 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 10617-10625 Oxnard Street

Zoning
LAR3
Parcel Number
2414016034
Total Units
12.0
Living Area
10577
Source Living Area
Assessor
Area
North Hollywood (NHO)
Vacancy Rate
0%
Lot Size Area
19602

Location

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Benjamin Lewin, DRE #02040686

Sold By Global Platinum Properties, Inc., Armin Soleimani, DRE #01846872

Add your commute
LISTING UPDATED: 07/26/2022 03:48 PM

Property Details for 10617-10625 Oxnard Street

StatusSold
MLS #22-154319
Days on Market21
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1953
Lot Size0.45 AC / 19,602 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Benjamin Lewin, DRE #02040686

Sold By Global Platinum Properties, Inc., Armin Soleimani, DRE #01846872

Add your commute

Building Information for 10617-10625 Oxnard Street

Stories2Residences-Year Built1953Building Size-Lot Size0.45 AC / 19,602 SF

Payment Calculator

$22,539 per month

30 year fixed, 7.25% Interest

Principal and Interest

$22,539

Property Taxes

—

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 10617-10625 Oxnard Street

Community / Development
Community / Development
  • Number Of Units: 12
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Market
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $289,294
  • Net Operating Income: $199,701.00
  • Gross Income: $275,664
  • Gross Rent Multiplier: $14.62
  • Total Annual Expense: 89593
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1984
  • Lot Size Square Feet: 19602
Parking Details
Parking Details
  • Parking Garage: Covered Parking
  • Total Parking: 12
  • Parking Features: Covered
Interior Features
Interior Features
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 05-06-2022
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,914.00
  • Unit Actual Rent: $22,972.00
  • Unit Projected Rent: $28,200.00
  • Like Units: 12
Unit Details
  • Unit Type Type: 2106
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $391,584.00
  • Assessed Improvement Percent: 59.49
  • Assessed Land Value: $266,608.00
  • Assessed Land Percent: 40.51
  • Assessed Total Value: $658,192.00

Property History for 10617-10625 Oxnard Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 10617-10625 Oxnard Street

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Oxnard Street Elementary School
Public - K to 5
Sun Valley Engineering And Technology Magnet
Public - 6 to 12
East Valley Senior High School
Public - 9 to 12
Science Academy STEM Magnet
Public - 6 to 11
Rating
School
Distance
Oxnard Street Elementary School
PublicK to 5

Sun Valley Engineering And Technology Magnet
Public6 to 12

East Valley Senior High School
Public9 to 12

Science Academy STEM Magnet
Public6 to 11

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Benjamin Lewin, DRE #02040686

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.